Chinese Internet Companies’ Revenue Topped 1 Trillion Yuan in 2019

Despite predictions that China’s tech sector would face tough times in 2019 and beyond, a new government report seems to show that the industry actually grew slightly faster last year than in the year before.

Data contained in a report (link in Chinese) released by the Ministry of Industry and Information Technology (MIIT) on the last day of 2019 shows that China’s internet firms had total operating revenue of 1.08 trillion yuan ($155 billion) in the first 11 months of 2019. That’s 22.4% more than in the same period of 2018.